blueharbor bank Reports Third Quarter 2025 Net Income
MWN-AI** Summary
blueharbor bank announced its financial results for the third quarter of 2025, showcasing significant growth and a substantial increase in net income. The bank reported a net income of $2.85 million, or $0.95 per diluted share, reflecting a 51% rise from $1.91 million or $0.63 per share in the same quarter of 2024. Year-to-date figures also demonstrated strong performance, with net income reaching $7.76 million, up from $4.67 million in the previous year.
Key highlights from the quarter include a return on average assets (ROA) of 2.08% and a return on average equity (ROE) of 18.54%. The bank's net interest margin expanded to 4.46%, an increase of 18 basis points over the prior quarter, while net interest income surged by 26% year-over-year to $5.82 million.
Loan growth was robust, with total loans increasing by $63.2 million, or 20% annualized over the first nine months of 2025. Correspondingly, deposit growth was also notable at $57 million, reflecting a 17% annualized rise. The bank's asset quality remained strong during the quarter, reporting zero non-performing assets, and capital ratios were solid, with total risk-based capital at 13.9%.
CEO Jim Marshall expressed gratitude towards the team's efforts, emphasizing their dedication to the bank's values and customers. The results reflect blueharbor bank's balanced approach to growth, profitability, and asset quality. As of September 30, 2025, total assets rose to $571.8 million, an increase of 13% from $506.8 million at the end of 2024, marking a strong performance in a competitive banking landscape.
MWN-AI** Analysis
Blueharbor Bank's third-quarter 2025 results reveal a robust financial performance, with a net income of $2.85 million, reflecting a substantial 51% increase in diluted earnings per share (EPS) to $0.95 from the previous quarter. This impressive growth is attributable to strategic loan and deposit expansion, with gross loans rising by $63.2 million—a remarkable 20% annualized growth. Additionally, total deposits surged by $57 million, underpinning the bank's strong liquidity position.
One key metric to highlight is the return on average assets (ROA) of 2.08% and a return on average equity (ROE) of 18.54%, positioning Blueharbor favorably against industry averages. The net interest margin of 4.46% demonstrates effective interest rate management, while the efficiency ratio at 37.76% indicates strong cost control in operations. The bank's asset quality remains commendable, with no non-performing assets reported, further enhancing investor confidence.
Investors should also take note of the bank's capital position, with a total risk-based capital ratio of 13.9% and a Tier 1 leverage ratio of 12%, well above regulatory minimums and suggesting strong resilience against market fluctuations.
Looking ahead, the substantial loan growth may necessitate an increased provision for credit losses, which has already seen a rise this quarter. However, the overall economic stability and low non-performing assets suggest manageable risk levels.
In summary, with a solid growth trajectory and strong financial health, Blueharbor Bank appears to be a compelling investment opportunity for those seeking growth in the banking sector. Investors should consider the potential for continued earnings expansion, balanced by vigilant monitoring of credit quality and economic conditions that may impact loan performance.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
MOORESVILLE, N.C., Oct. 17, 2025 /PRNewswire/ -- blueharbor bank (the "Bank") today reported earnings for the third quarter of 2025.
Third Quarter 2025 Highlights
- Return on average assets (ROA) of 2.08%
- Return on average equity (ROE) of 18.54%
- Diluted income per share of $0.95, a 51% increase over previous quarter
- Net interest margin expansion over second quarter 2025 of 18 basis points to 4.46%
- Loan growth of $63.2 million, or 20% annualized, for the first nine months of 2025
- Deposit growth of $57.0 million, or 17% annualized, for the first nine months of 2025
- Efficiency ratio of 37.76% for the third quarter of 2025
- Book value of $21.14, an increase of 16% over third quarter 2024
blueharbor bank reported net income of $2,852,118 and $0.95 per diluted share for the third quarter of 2025 compared to $1,907,961 and $0.63 per diluted share for the third quarter of 2024. For the nine months ended September 30, 2025, the Bank reported net income of $7,757,764 and $2.58 per diluted share compared to $4,674,158 and $1.55 per diluted share for the same nine months in 2024.
The Bank reported total assets of $571.8 million at September 30, 2025, an increase of $65.0 million, or 13%, when compared to $506.8 million at December 31, 2024, and an increase of $85.7 million, or 18%, when compared to September 30, 2024. Gross loans increased $63.2 million, to $496.0 million at September 30, 2025, from $432.8 million at December 31, 2024. When compared to September 30, 2024, gross loans increased $91.9 million, or 23%. Total deposits were $497.7 million at September 30, 2025, an increase of $57.0 million, or 13%, when compared to $440.7 million at December 31, 2024, and an increase of $73.4 million, or 17% when compared to September 30, 2024.
Asset quality remained very strong for the third quarter of 2025, with zero non-performing assets.
Capital levels also remained solid at the end of the third quarter with total risk-based capital at 13.9%, both common equity tier 1 and tier 1 to risk-weighted assets of 12.9%, and tier 1 leverage ratio of 12.0%.
Net interest income was $5,824,939 for the quarter ending September 30, 2025, an increase of $1.2 million, or 26%, from the same period in 2024. The change in net interest income was due primarily to loan growth for the period.
For the quarter ending September 30, 2025, $303,935 in provision for credit losses was recorded. This is an increase of $211,447 from the provision for credit losses of $92,488 that was recorded in the quarter ended September 30, 2024. The increase in provision was attributable to the loan growth during the third quarter of 2025 as compared to the third quarter of 2024. The allowance for loan losses to total loans was 0.94% at September 30, 2025.
Noninterest income was $571,390 for the quarter ending September 30, 2025, a decrease of $54,612, or 9%, from the same period in 2024. The noninterest expense was $2,415,247 for the quarter ended September 30, 2025, compared to $2,697,419 for the quarter ended September 30, 2024. The decrease of $282,172 was due in part to lower data processing expenses from the change in our core software provider in May 2024.
Jim Marshall, President and Chief Executive Officer, commented, "I want to extend my gratitude and appreciation to our team for the work they do each and every day. Their unwavering commitment to our values and culture shines through time and time again. And to our customers for their deep loyal relationships, we are truly appreciative. We have always sought a balanced approach between asset quality, growth, and profitability and are proud to share again and again results that reflect that approach at a high level."
blueharbor bank is headquartered in Mooresville with branches in Statesville and Mount Airy and loan production offices in Belmont and Hickory. blueharbor bank's website is www.blueharborbank.com and our common stock is quoted on the OTCQX Market under the symbol "BLHK."
Summary Selected Financial Data Schedule attached below.
Forward-Looking Statement:
This press release contains forward-looking statements. Words such as "anticipates," "believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. As such, actual results and outcomes may materially differ from what may be expressed or forecast in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit levels, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principles, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. blueharbor bank takes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this press release.
Summary Selected Financial Data | |||||||
(Unaudited) | (Audited) | (Unaudited) | |||||
September 30, | December 31, | September 30, | |||||
Balance Sheet Data: | 2025 | 2024 | 2024 | ||||
Total Assets | 571,778,536 | 506,756,753 | 486,032,938 | ||||
Total Gross Loans | 495,988,665 | 432,756,829 | 404,071,821 | ||||
Allowance for Loan Losses | 4,678,530 | 4,131,598 | 3,879,694 | ||||
Total Deposits | 497,711,376 | 440,733,082 | 424,358,688 | ||||
Total Shareholders' Equity | 62,560,472 | 55,189,737 | 54,307,979 | ||||
(Unaudited) | (Unaudited) | ||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, | September 30, | ||||||
Earnings and Per Share Data: | 2025 | 2024 | 2025 | 2024 | |||
Interest Income | 8,029,517 | 6,751,483 | 22,346,875 | 18,666,913 | |||
Interest Expense | 2,204,578 | 2,129,610 | 6,367,413 | 6,072,714 | |||
Net Interest Income | 5,824,939 | 4,621,873 | 15,979,462 | 12,594,199 | |||
Provision for Loan Losses | 303,935 | 92,488 | 527,329 | 445,183 | |||
Net Interest Income after | |||||||
Provision for Loan Losses | 5,521,004 | 4,529,385 | 15,452,133 | 12,149,016 | |||
Noninterest Income | 571,390 | 626,002 | 1,681,339 | 1,628,416 | |||
Noninterest Expense | 2,415,247 | 2,697,419 | 7,153,405 | 7,745,083 | |||
Net Income before Taxes | 3,677,147 | 2,457,968 | 9,980,067 | 6,032,349 | |||
Income Taxes | 825,029 | 550,007 | 2,222,303 | 1,358,191 | |||
Net Income | 2,852,118 | 1,907,961 | 7,757,764 | 4,674,158 | |||
Basic Income per Share | 0.97 | 0.65 | 2.64 | 1.59 | |||
Diluted Income per Share | 0.95 | 0.63 | 2.58 | 1.55 | |||
Annualized Performance Ratios: | |||||||
Return on average assets | 2.08 % | 1.60 % | 1.99 % | 1.36 % | |||
Return on average equity | 18.54 % | 14.27 % | 17.68 % | 12.08 % | |||
Efficiency ratio | 37.76 % | 51.40 % | 40.5 % | 54.5 % | |||
Overhead ratio | 31.65 % | 44.82 % | 34.2 % | 48.6 % | |||
Net Interest Margin | 4.46 % | 4.11 % | 4.30 % | 3.89 % | |||
Cost of Funds | 2.64 % | 2.87 % | 2.65 % | 2.83 % | |||
(Unaudited) | (Unaudited) | ||||||
September 30, | September 30, | ||||||
2025 | 2024 | ||||||
Financial Ratios: | |||||||
Book Value | 21.14 | 18.29 | |||||
Nonperforming Assets to Total Assets Ratio | 0.00 % | 0.00 % | |||||
Loan to Deposit Ratio | 99.7 % | 98.2 % | |||||
Tier 1 Leverage Ratio | 12.0 % | 12.0 % | |||||
Common Equity Tier 1 Risk-Based Capital Ratio | 12.9 % | 13.6 % | |||||
Tier 1 Risk-Based Capital Ratio | 12.9 % | 13.6 % | |||||
Total Risk-Based Capital Ratio | 13.9 % | 14.6 % |
SOURCE blueharbor bank
FAQ**
What factors contributed to the increase in BlueHarbor Bank's diluted income per share to $0.95 for the third quarter of 2025, as reported in their earnings release for BlueHarbor Bank BLHK?
How did BlueHarbor Bank BLHK manage to achieve a net interest margin of 4.46%, and what strategies were implemented to enhance loan growth by $63.2 million in Q3 2025?
Can you elaborate on the significant changes in noninterest income for BlueHarbor Bank BLHK, which showed a decrease of 9% year-over-year in Q3 2025, and how that might affect future earnings?
Given the strong asset quality and zero non-performing assets reported by BlueHarbor Bank BLHK, what measures are in place to maintain these standards as loan growth continues?
**MWN-AI FAQ is based on asking OpenAI questions about BlueHarbor Bank (OTC: BLHK).
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